First in was Mosul and then Tikrit getting into the heart of Iraqi production areas. Iraq is vowing to retake the cities, but without the help of U.S. airstrike the retreating Iraq army may have a difficult time.

Data showed that the U.S. economy contracted by 1% during the first quarter of the year. Consumer spending declined in April, the first decline in a year even though disposable income rose. The overall economic picture remains bleak.